An offset account links a savings account to your variable rate home loan, so you can use the money in your account to offset your loan balance.

How do I set up 100% offset?

You can generally only get offset on variable loans, or on the variable part of your split (part fixed, part variable) loan.

If your home loan is eligible, it's easy to link a new or existing account. And, if you link an existing account, your account number and the payments you already have set up won’t change.

If your home loan isn't already linked, talk to your banker or call us on 13 22 65. We’re here to help if you want to talk about the ins and outs of adding a 100% offset account to your loan.

Options if your loan doesn't offer 100% offset

If you have a fixed rate home loan, your options may be limited. At the end of your fixed rate period, there are two possible paths. Your loan will shift onto a variable interest rate, or you’ll have the option of splitting it into fixed and variable parts. This is the time to think about setting up a 100% offset account.

When offset might not be right for you

While offset can be a convenient way to save yourself some money, making extra repayments can be a better option in some circumstances.

For example:

  • If you want to increase the equity in your home
  • If you want to reduce your loan repayments
  • If you want the freedom to redraw when you’re ahead on payments.

Important information

The information contained in this article is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, NAB recommends that you consider whether it is appropriate for your circumstances. NAB recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.

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